Thursday, April 9, 2009

"Those who say capitalism has failed are saying freedom has failed. Capitalism is freedom. Adam Smith instead used the term 'System of natural liberty'. Raw capitalism is tempered by the rule of law. The problem we have now is an increasing multiplicity of laws arbitrarily enforced, in which policy dictates enforcement. This is a form of tyranny. We have not been suffering from a dearth of regulation, and to say otherwise is ignorant or dishonest. Sarbanes Oxley is yet another relatively recent layer of onerous regulation. Those who are against capitalism believe that someone off in Washington can run your life better than you, that your decisions must be made for you. Socialism is for those who wish to be insulated from consequences, it is for those who want to trade individual responsibility and compassion for state provided responsibility and compassion."

I am not normally so terse. Given more space I could have shown the very roots of our predicament, including Republican progressive taxation of the early 20th century, the New Deal, the Community Reinvestment Act, and the sabotaging of Freddie and Fanny.